Ann: Ardmore Strategic Investment Document, page-3

Hey Sydney Centrex have a higher grade premium product. At present they are using the Indian 71-75 BPL (33.4%) benchmark price. If you turn to slide 25 of their recent Strategic Investment document you will see a price chart of the different Phosphate products. The price I think you might be referring to is the Morocco 68-72% BPL which is a lower grade product.

The chart implies the current price for Centrex's higher quality product is floating around the US$120/tn mark (not sure if this is the case).

As you can see this is somewhat below the price used in the DFS. Never the less for mine this looks to be a reasonable quality phosphate project and some time and patience will be required before the market starts to appreciate it again. We are essentially waiting for a stronger fertiliser market.

Hope this is of some help. I bought some recently for 3.1c